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Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Automotive The following table presents debt in our automotive operations:
June 30, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$146 $143 $124 $123 
Unsecured debt(a)15,804 15,260 17,340 16,323 
Finance lease liabilities476 485 381 381 
Total automotive debt(b)$16,426 $15,888 $17,844 $16,828 
Fair value utilizing Level 1 inputs$14,806 $15,971 
Fair value utilizing Level 2 inputs$1,081 $857 
Available under credit facility agreements(c)$13,549 $15,095 
Weighted-average interest rate on outstanding short-term debt(d)9.2 %6.1 %
Weighted-average interest rate on outstanding long-term debt(d)5.8 %5.8 %
__________
(a)Primarily consists of senior notes.
(b)Includes net discount and debt issuance costs of $540 million and $525 million at June 30, 2023 and December 31, 2022.
(c)Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial.
(d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.
In March 2023, we redeemed our $1.5 billion, 4.875% senior unsecured notes with a maturity date of October 2023 and recorded an insignificant loss.

Also, in March 2023, we renewed and reduced the total borrowing capacity of our five-year, $11.2 billion facility to $10.0 billion, which now matures March 31, 2028. We also renewed and reduced the total borrowing capacity of our three-year, $4.3 billion facility to $4.1 billion, which now matures March 31, 2026, and renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 30, 2024. The renewed credit facilities are based on Term Secured Overnight Financing Rate (Term SOFR) whereas the previous credit facilities were based on the London Interbank Offered Rate (LIBOR).
GM Financial The following table presents debt of GM Financial:
June 30, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$42,004 $41,427 $42,131 $41,467 
Unsecured debt59,614 57,622 54,723 52,270 
Total GM Financial debt$101,618 $99,049 $96,854 $93,738 
Fair value utilizing Level 2 inputs$97,015 $91,545 
Fair value utilizing Level 3 inputs$2,035 $2,192 

Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 8 to our condensed consolidated financial statements for additional information on GM Financial's involvement with VIEs. In the six months ended June 30, 2023, GM Financial renewed revolving credit facilities with total borrowing capacity of $10.6 billion and issued $12.6 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 5.34% and maturity dates ranging from 2027 to 2035.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the six months ended June 30, 2023, GM Financial issued $8.3 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.51% and maturity dates ranging from 2026 to 2033.